Agents, warn your clients: The mortgage process is slowing down, not speeding up.
Despite greater use of technology, more and more borrowers applying online and fewer loans to go around, borrower satisfaction -- as rated in the latest survey from market research company J.D. Power -- declined this year, while the amount of time it takes to get a loan increased.
Says Craig Martin, director of the consumer insights and analytics firm’s mortgage practice:
“A critical element of satisfaction is setting expectations, and this tends to be a weakness of technology, which is demonstrated by substantially lower satisfaction among customers who do not work with a human to complete their application.”
Martin says the home lending field is “at a critical inflection point” where technology and the growing use digital applications has made it possible for mortgage originations to move more quickly. But, he adds, “the customer is still the final judge of speed and quality.”
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